Car ownership in Brazil is known for its administrative complexities, and the nation ranks as the second most expensive country in the world to own a car. Through its mobile app, Gringo serves over 15 mln registered users in Brazil, offering documentation issuance and payment services. Gringo has been a part of the VEF portfolio since we led the company's USD 34 mln Series B fundraise in 2022. Since then, performance metrics including transactions, total payment volumes and revenues have grown 5-6x. The trend underscores the potential to ease the administrative and financial burden faced by drivers in Brazil.

"Drivers around the world face multiple pain points and friction when it comes to managing their vehicles and related documentation. Gringo’s impressive growth and high levels of user engagement proves the extent of this problem in Brazil,” comments Alexis Koumoudos, VEF CIO and Gringo board member.

Gringo has expanded its product suite to include a marketplace where drivers can originate credit and insurance directly within the app. The success of Gringo’s product strategy and growth is illustrated by Gringo being among the few companies to successfully raise capital in 2023, where VEF invested an additional USD 3 mln as part of Gringo’s Series C funding round.

“At VEF, we like to invest in teams addressing market-specific problems, and Gringo is a great example of this. We like their bold vision to become ‘the driver’s best friend,’ and our report aims to provide insights into the Brazilian landscape and the market Gringo is tapping in to,” explains Cathal Carroll, Investment Manager at VEF.

The report is attached to this press release and accessible on our website, Gringo: Revolutionizing the Brazilian Driver Experience (vef.vc).